
HDC hands over incomplete Hulhumalé hotel; to run as Manhattan Grand Hotel
Housing Development Corporation (HDC) has signed a Memorandum of Understanding with World of Business Pvt Ltd to develop and operate the long-unfinished city hotel in Hulhumalé.
The property, located in the first phase of Hulhumalé, was originally initiated by State Trading Organisation (STO) as a five-star hotel. Construction remained incomplete for 14 years, and STO’s attempts to sell the property did not result in a successful transaction.
The previous administration planned to transfer ownership of the property to HDC in 2023, with arrangements for compensation to STO. In a statement issued Friday, HDC confirmed that the hotel would now be handed over to World of Business following a settlement agreement reached with STO. Details of the agreement were not disclosed.
According to HDC, the redevelopment plan includes a government office component occupying 3.5 floors. This section will house a media village, a youth centre focused on e-sports, a heritage college, and a medical college. These facilities are scheduled for completion within four months.
The remainder of the building will be developed as a five-star hotel with 158 rooms. This section is planned to be completed and operational within nine months.
World of Business will operate the hotel under the name Manhattan Grand Hotel through a joint investment that includes a 50 percent foreign stake. The foreign investment will be provided by Deep Seafood Company, based in the United Arab Emirates.